RPM Acquires Raised Flooring Systems Manufacturer
March 29 2021 - 4:15PM
Business Wire
RPM International Inc. (NYSE: RPM) today announced that its
Fibergrate Composite Structures Inc. business has acquired Bison
Innovative Products, a leading manufacturer of raised flooring
systems. Headquartered in Denver, Colorado, Bison has annual net
sales of approximately $26 million. Terms of the transaction, which
is expected to be accretive to earnings within one year, were not
disclosed.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210329005670/en/
Bison Pedestals (Photo: Business
Wire)
Bison’s flooring systems consist of adjustable polypropylene
pedestals that support tiles with architectural finishes such as
wood, stone or artificial turf. Its products are used for rooftop
decks, plazas, terraces, pop-up-parks and other architectural
features requiring maintenance-free pedestals and low maintenance
deck surfaces. The company’s products are manufactured in the U.S.
and distributed across North America. Bison will become part of
RPM’s Fibergrate business, which is a global manufacturer of
fiberglass-reinforced plastic solutions for industrial and
commercial applications.
“The Bison business checks the box on the key characteristics we
look for in an acquisition. It has a unique, market-leading product
line; track record of impressive top- and bottom-line growth; and
synergies with our other businesses that will enable us to
accelerate that growth. Plus, it has a strong management team led
by Lisa von Gunten and Matt McClaugherty who are staying on to run
the business,” stated Frank C. Sullivan, RPM chairman and CEO.
“Through this transaction, we plan to enhance Bison’s distribution
base, allowing the business to enter new geographies and markets.
At the same time, we expect to leverage its connections to achieve
greater penetration of Fibergrate’s products.”
About RPM
RPM International Inc. owns subsidiaries that are world leaders
in specialty coatings, sealants, building materials and related
services. The company operates across four reportable segments:
consumer, construction products, performance coatings and specialty
products. RPM has a diverse portfolio with hundreds of
market-leading brands, including Rust-Oleum, DAP, Zinsser,
Varathane, Day-Glo, Legend Brands, Stonhard, Carboline, Tremco and
Dryvit. From homes and workplaces, to infrastructure and precious
landmarks, RPM’s brands are trusted by consumers and professionals
alike to help build a better world. The company employs
approximately 14,600 individuals worldwide. Visit www.RPMinc.com to
learn more.
For more information, contact Russell L. Gordon, vice president
and chief financial officer, at 330-273-5090 or
rgordon@rpminc.com.
Forward-Looking Statements
This press release contains “forward-looking statements”
relating to our business. These forward-looking statements, or
other statements made by us, are made based on our expectations and
beliefs concerning future events impacting us and are subject to
uncertainties and factors (including those specified below), which
are difficult to predict and, in many instances, are beyond our
control. As a result, our actual results could differ materially
from those expressed in or implied by any such forward-looking
statements. These uncertainties and factors include (a) global
markets and general economic conditions, including uncertainties
surrounding the volatility in financial markets, the availability
of capital and the effect of changes in interest rates, and the
viability of banks and other financial institutions; (b) the
prices, supply and capacity of raw materials, including assorted
pigments, resins, solvents, and other natural gas- and oil-based
materials; packaging, including plastic and metal containers; and
transportation services, including fuel surcharges; (c) continued
growth in demand for our products; (d) legal, environmental and
litigation risks inherent in our construction and chemicals
businesses and risks related to the adequacy of our insurance
coverage for such matters; (e) the effect of changes in interest
rates; (f) the effect of fluctuations in currency exchange rates
upon our foreign operations; (g) the effect of non-currency risks
of investing in and conducting operations in foreign countries,
including those relating to domestic and international political,
social, economic and regulatory factors; (h) risks and
uncertainties associated with our ongoing acquisition and
divestiture activities; (i) the timing of and the realization of
anticipated cost savings from restructuring initiatives and the
ability to identify additional cost savings opportunities; (j)
risks related to the adequacy of our contingent liability reserves;
(k) risks relating to the outbreak of the coronavirus (Covid-19);
and (l) other risks detailed in our filings with the Securities and
Exchange Commission, including the risk factors set forth in our
Annual Report on Form 10-K for the year ended May 31, 2020, as the
same may be updated from time to time. We do not undertake any
obligation to publicly update or revise any forward-looking
statements to reflect future events, information or circumstances
that arise after the date of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210329005670/en/
Russell L. Gordon, vice president and chief financial officer
330-273-5090 rgordon@rpminc.com
RPM (NYSE:RPM)
Historical Stock Chart
From May 2024 to Jun 2024
RPM (NYSE:RPM)
Historical Stock Chart
From Jun 2023 to Jun 2024